Subscription businesses can be a reliable source of revenue, whether you’re selling products, services, or memberships. They offer constant revenue streams that last as long as your customers are happy.
On the other hand, if the subscription model is the basis for your business, you must take advantage of solid subscription management solutions.
The fact is that these services aren’t all the same. Choosing a poor management solution could create headaches like declining revenue thanks to high involuntary churn rates. On the other hand, the best solutions give you the data you need to help you grow your business, and they scale with you as you do.
Features To Look For in a Subscription Management Solution
If you’re on the hunt for subscription management software, you may feel overwhelmed by the many options available. Moreover, if you’ve never worked with a service in the category, it may be challenging to determine the best way to compare your options. On the other hand, you, your business, and your customers deserve the best solution possible.
So, where do you start?
You’ll find the most important features to consider as you shop for subscription management software and why those features are vital below.
Easy Subscription Payment Collection
Subscription management isn’t just about managing the customer subscriptions you already have. To grow your business, you’ll need to focus on generating new sales. An easy subscription payment collection process creates a better user experience for your customers, new and existing. Here’s how:
- New Customers. New customers expect a fast, efficient checkout process. If your subscription management solution requires too much information — or is an inefficient process that takes too long to complete — new customers may decide to look for a competitor before completing their order.
- Existing Customers. Existing customer payments will expire or decline from time to time. When they do, you’ll need to send them a message asking them to update their payment method. They’re more likely to do so when the process is easy.
Coupon, Discount, and Free Trial Capabilities
Subscription billing isn’t a cut-and-dry kind of process. Some companies only have one plan and one monthly price. However, the most successful companies in the industry offer multiple options with different pricing models and other features that affect the cost of a service, like coupons, limited-time discounts, and free trials.
Your subscription management solution must simplify incorporating these features into your sales funnel. Perhaps just as importantly, the solution you choose shouldn’t charge you an extra fee to unlock these types of features.
Comprehensive Analytics Tracking
No business grows on its own. As a business owner, you need data and analytics to help you decide the best path for increasing your business. Unfortunately, many subscription management services only provide minimal data, such as how many subscriptions you have and how much you’re getting paid.
The best solutions go above and beyond when it comes to data. They typically provide tools for:
- Subscription Data. The best providers show you which subscription services perform the best versus which could use a little tweaking.
- Pricing Models. Some services let you dial down the effectiveness of your pricing models to find optimization opportunities.
- Accounting Integrations. Some services offer accounting integrations to tie your subscription tracking to your accounting software, giving you an overall picture of how well your company is performing from a financial standpoint.
No Failed Payment Charges
Subscription billing services are in business to make money, just like you. They typically make money by charging a small fee each time a customer uses the service to complete a transaction. Unfortunately, many of these services charge a fee even when the payment fails.
In the subscription business, payment failures can be as high as 15%. That’s a painful number when you have to pay additional costs for each one of them.
The simple fact is that credit and debit cards expire, and there are several other reasons a payment might fail. It is best to work with a subscription management company that cares about your business and won’t nickel and dime you with failed payment charges.
Secure Data Encryption
Unfortunately, as technological innovation continues, fraudsters will persist in using technology to attempt to steal sensitive customer information. As a business owner, you must take every step necessary to protect your customers from these bad actors.
Your payment processing solution is your first line of defense.
When your payment processing solution secures customer information with data encryption, you can rest assured that even if a hacker were to access the data, they wouldn’t be able to read it.
Reliable Customer Support
Anything can happen in business. When problems arise, it’s crucial to have the ability to solve them as quickly as possible. That’s especially the case when it comes to your payment solutions.
Imagine your subscription management service having a glitch and sending an invoice to every one of your customers for something they haven’t ordered. You would want to talk to someone and find a solution immediately.
On the other hand, you don’t always need to have a problem to deliver exceptional customer support. After all, we’re talking about a service that can make or break your business. In this case, quality customer service is of the utmost importance.
Experience Greater Revenue Growth With Revolv3
You will need a quality subscription management software solution to grow your business and increase your recurring revenue. Revolv3 can help whether you’re just starting with a subscription-based business model or have been running one for years. Some of the advantages of working with Revolv3 payment solutions include the following:
- No Declined Payment Fees. You won’t pay a penny when a transaction results in a decline.
- Dynamic Routing. Revolv3’s proprietary technology automatically finds the fastest path from submitted transactions to approval, reducing decline rates.
- Scalability. Revolv3’s payment solutions scale with your business as it grows in the most efficient way possible.
- Customer Service. The company’s customer support staff is always ready and willing to answer questions and address customer concerns.
Schedule your free demo today to learn how Revolv3 can help you grow your revenue.